fiduciary liability insurance

Protecting Employee Health and Retirement Plans

ERISA, the Employee Retirement Income Security Act, regulates retirement plans and practically all employer plans that provide employee benefits, including health, life, profit sharing, disability, and employee leave. While ERISA does not require employers to establish benefit plans for their employees, it does however set out minimum standards for these plans. This includes having a code of conduct for fiduciaries, the person in charge of managing and overseeing employee benefit plans and programs.

Although it isn’t required by ERISA or any federal statute, fiduciary liability insurance is aimed at protecting businesses’ and employers’ assets against claims related to the mismanagement of a company’s employee benefit plans by the fiduciary. If for example, a claim is made against the policyholder of this coverage, this insurance covers the legal expenses of defending against the claim as well as the financial losses the plan may have incurred due to errors, omissions or breach of fiduciary duty.

Why lawsuits are brought against a fiduciary

If a company-sponsored plan is not managed properly resulting in benefits being lost due to the fact that employees were not given adequate information or instruction, fiduciaries can be held personally liable. Under ERISA Section 409, both employers, or the plan sponsors, and any outside providers hired in a fiduciary capacity can wind up being potentially exposed to significant liabilities.

If ruled against, they would then have to make reparations for any losses that they’re found legally responsible for. The ramifications can be rather broad, landing anywhere from legal claims arising from poorly invested pensions to charges of failing to inform employees about their eligibility for coverage for such things as medical procedures or other pertinent welfare benefits.

When you purchase fiduciary liability insurance for your company and employees engaged in fiduciary roles, the policy does not extend to any outside advisers, consultants, or administrators of your benefits plans. These providers would, therefore, be responsible for securing their own coverage in the event of a covered loss. Also, any time that you hire outside advisors to take on your plans’ fiduciary functions, this doesn’t necessarily exclude you from any associated liabilities. As an owner you are still responsible for monitoring these fiduciaries’ activities, so speak to a qualified agent to ensure you have the proper coverage in place.

 

foresters life insurance quotes

Protect Your Business with Life Insurance

Small business owners not only provide for their families, but they also provide for their employees. By keeping your business afloat, you help employ people and enrich their lives. If you want that to continue even when you’re gone, you need to get some foresters life insurance quotes.

Key Person Life Insurance

When you think about life insurance, you may think it’s just to protect families from financial devastation after a loss. While it certainly helps prevent such catastrophes, it can also help businesses thrive after crucial personnel passes away.

With life insurance at work, the beneficiary of the policy is the business itself, rather than a person. So, if someone passes away unexpectedly, the company does not suffer financial loss.

More Than Just Owners

While small business owners are vital to their company’s success, they are not always the only key player. If your company relies heavily on a member of your team, it may be a good idea to take out a life insurance policy for that person as well.

Protect All Employees

When your business suffers, so does everyone it employs. Instead of cutting back hours or even conducting layoffs after someone passes away, you can keep food on the tables of all your employees. It’s truly the compassionate and business-savvy thing to look at foresters life insurance quotes.

commercial property owner’s insurance in Orlando

If Disaster Strikes Your Business, Do You Have the Right Coverage?

If disaster strikes your business, how long would it take you to get up and running again? Every day you’re not “open for business” is lost revenue, lost customers and lost market share. Does your insurance cover all that? It is essential to ensure you have the right protection, and enough of it, so you can minimize downtime, and there’s no time like the present to assess your commercial property owner’s insurance in Orlando. Getting the right insurance means more than covering the cost of repairs; it includes the true replacement cost of your company’s personal property too, including computers and printers, furniture, inventory and more.

The size and type of business you have, its location and the equipment you use are all factors in determining the coverage you need. For example, a large manufacturer may have a variety of expensive machines that are crucial to its operation, while a doggy daycare uses perhaps just a few. For businesses with costly or specialized equipment, you need a level of protection that will replace those machines and get you back to business ASAP. Taking the time to evaluate your commercial property owner’s insurance in Orlando is an investment in your future, one that can help you recover from a loss, whether it’s big or small.

Alpine Commercial Insurance

What is Included in Business Owners Policy Insurance

As a business owner, you need to protect your company from the many things that could go wrong. A Business Owners Policy can give you the assurance you need to run your business confidently. Your BOP with Alpine Commercial Insurance can be as unique as your company. However, there are a few basics that these policies typically cover.

Property Coverage

The property coverage in your Alpine Commercial Insurance covers the building in which you have your business and its contents. If thieves take your belongings or your building is damaged in a natural disaster, your BOP can pay for replacement and repairs. Be sure to check with your carrier about specific coverages.

Liability Coverage

What happens if someone is injured on your business property? What if something you manufacture causes a lawsuit? Your BOP provider can create a policy that covers these liabilities and more. This type of insurance can help save your business from financial ruin in the case of any perceived wrongdoing.

And More

The point of a BOP is to role your business insurance into one great policy. Your business is unique, so your insurance coverage should be as well. Your insurance agent may recommend adding income loss protection, equipment breakdown coverage, or other insurance to your BOP. The exact contents of your policy should depend on your industry, business size, and other factors.

marina insurance

Boating Concerns and Coverage Solutions

As the owner of a marina, it is your responsibility as a business person to safely and securely store the recreational boats you own or that are in your care. While you do your best to be prepared for inclement weather and any other negative circumstances, there will always exist the possibility of accidents and other disasters that are completely out of your control.

When it comes to coverage concerns, you need a policy for your own property, as well as the property of other boat owners. Having insurance means that, if something goes wrong, you won’t have to dip into personal money to make things right. To protect the future and current assets of your business, it’s important that you invest in marina insurance.

Water creates hazardous situations

As any frequent visitor to marinas knows, slipping and tripping can often be common occurrences. The conditions are ripe for tripping hazards associated with marinas to occur. Noticeable tripping hazards are transition points, areas where a ramp meets the pier for example or unmarked curbs. Places where customers form lines, docks where hoses or electrical cords are often seen laying about, as well as deck boards that have broken free on one end, pose a threat. Even screws or nails that have over time popped up can cause issues.

Also, whether it’s due to rain, the type of deck material used, or the incline of a ramp, the decks used as walkways and ramps can become quite slippery. In colder climates, the decks of docks and ramps may even freeze. Your marina needs to address any concerns with slippery decks by having proper signage in view, and by using materials that are resilient to ice, or otherwise addressing the slippery surface, such as the removing excess water from the dock.

Employees or clients, citing any lack of safety in your operations or the quality of your services, can hold your business liable if they are injured. In order to maintain the success of your marina, it’s important you invest in protection in case a claim is made against your business. Having insurance for marinas will not only provide you with peace of mind but also help cover the damages for a wide number of claims.

 

Fraternal Benefit Society Insurance

For Better or Worse

Life is full of ups and downs, good times and bad. Prepare for the worst with Fraternal Benefit Society Insurance. The Fraternal Society is a non-profit organization owned by its members. Earned dividends that would go to shareholders are returned to the members of the society. The Society also gives back to communities by creating beneficial programs.

Plans for Every Need

There are many options available under the Fraternal Benefit Society Insurance umbrella. Possibilities to consider are:

  • Whole term life insurance provides death benefits and cash value for families
  • Term life insurance provides death benefits with affordable premiums
  • Key person life insurance gives businesses death benefits for important employees
  • Single premium whole life insurance lets older individuals purchase a policy

With available riders, plans can be customized to fit your particular situation.

Provide for Expenses

It is important to consider what expenses your family will incur upon your death and what financial responsibilities may lie in the immediate future. For example, will there be college-age children who need tuition money? Is the house still under a mortgage? Are there medical expenses or other bills that your death will leave unpaid? Consider all these obligations when deciding upon a policy. With Fraternal Benefit Society Insurance, you can rest assured your loved ones will have the money they need.

Texas Cargo Insurance

Freight Transportation Concerns for Shippers

As a transporter of freight and commodities you assume the responsibility for the cargo you have taken charge of. The actual amount, in dollars, of that responsibility should be clearly established by all parties involved and must be understood by the shipper and transporter before the shipment is in transit. This is generally done with a contract, by a bill of lading disclosure, or published tariffs. If not, where the responsibility lies in the event that the freight winds up damaged, lost or stolen could come into question.

 

By purchasing Texas Cargo Insurance you can now protect yourself, as the transporter, for any responsibility you may have in the event of damaged or lost freight. This policy is purchased with a maximum load limit per vehicle. Having less than the required amount of coverage for any freight you take possession of can prove disastrous to you in the event of a claim being filed.

 

Some policies may contain exclusions

 

A motor truck cargo policy can be tailored to meet your operations and most exposures you may face. Certain exclusions, or guarantees of compliance by you, may create situations where the necessary coverage might not be in place. Having a good insurance broker, one that will ask you pertinent questions that properly address this concern, is of the utmost importance.

 

Your Texas Cargo Insurance policy can also contain provisions to insure the cargo when it is in your terminal or warehouse. This exposure results when the freight cannot be delivered the same day or winds up being consolidated with other shipments. The coverage exists so long as there is no separate charge made for storage or warehousing.

 

Motor truck cargo insurance, comparable to having a Warehouseman’s legal liability insurance policy, protects you for most of the freight you charge storage charges for storing or taking control of. You owe it to yourself to utilize a warehouse receipt, which is similar to a bill of lading, for the storage of any items, which specifies the terms of your storage contract. If this process seems somewhat complicated, take the time to secure the advice of an agent familiar with these lines of coverage.

AXIS

Financial Institutions and Errors and Omissions Insurance Coverage

Although you may not realize it, financial institutions, like many businesses, require errors and omissions insurance coverage, and AXIS can help. Speaking to an agent can help you determine how much and what kind of coverage your financial institution may need, based on your specific exposures.

AXIS offers errors and omissions policies that cover exposures resulting from the following:

  • Alleged or perceived underperformance.
  • An alleged breach of contract or of agreed investment parameters.
  • Lack of due diligence prior to making investments.
  • Alleged bad faith.
  • Alleged failure of internal risk control.
  • Concerns regarding the suitability of particular investments.
  • Incorrectly executed trades.
  • Alleged dishonest acts.
  • Alleged mismanagement.

While many insurance companies offer coverage against these exposures, AIS is unique in offering customized policies to individuals financial institutions, based on their unique situations and exposures. For example, individualized policies can be constructed to include:

  • Customized policy and aggregate limits.
  • Coverage for fines and penalties.
  • Regulatory investigations.
  • Cyber breach liability.
  • Coverage for both the institution and its employees and agents.

In addition to traditional financial institutions, AXIS offers coverage for other similar institutions, such as:

  • Hedge funds.
  • Insurance companies.
  • Investment advisors.
  • Dealers.
  • Brokers.
  • Activist funds.
  • Private equity funds.
  • Real estate syndicates.
  • Real estate trusts.

    Don’t leave yourself or your company exposed to possible litigation, fines, and other costs. Instead, seek appropriate errors and omissions coverage.
employment practices liability

Protect Your Staffing Agency From Issues Outside Your Control

Every company should be protected against employment practices liability claims. But, staffing agencies face more complex risks and challenges than some other businesses. The work environment is increasingly litigious, and staffing agencies have limited control over the culture where their employees are placed. Your company could be held accountable for another organizations failure to provide proper management in this sensitive area.

The most common types of employment practices liability claims are sexual harassment, wrongful termination, retaliation and discrimination. Other types of claims that you should be aware of include defamation, failure to promote, invasion of privacy and negligent evaluation.

Without insurance protection, your business could pay dearly. Out of court settlements can range from $75,000 to over $200,000 and litigation can take many months. In spite of these numbers, 7 out of 10 businesses do not carry this insurance.

Staffing Agencies Are Responsible

Staffing agencies are responsible for the wellbeing of part-time and temporary staff. However, the standards are unclear on where accountability begins and ends. Employees may be viewed as working for both the agency and the agencys clients. Your insurance should be tailored to address this ambiguity. These are some issues to be aware of.

Coverage should include both your companys employees and the part-time and temporary people you place.
Coverage should extend to pay defense or damages for a client even though this is not part of their contract.

A firm that specializes in employment practices liability coverage for staffing agencies can help you select coverage that is appropriate for your company.

 

workers compensation brokers

Why Do You Need Workers Comp Insurance?

As a modern-day business owner, you already know that you need to have all of your bases covered when it comes to insuring your place of business. Even so, there are many, many business owners out there who choose not to invest in important coverage like workers compensation. After all, why spend more money when it’s not necessary, right?

However, working with workers compensation brokers to get your business and employees covered is crucial for a healthy, forward-thinking business development plan. These plans are designed to give you better protection as a business owner when things go wrong and ensure you have the legal recourse you need. Furthermore, investing in this type of coverage can land you several different benefits, including:

  • A stronger risk management plan
  • Unique coverage for a wide range of different industries
  • A way to handle accidents in the workplace without breaking the bank
  • Legal representation in relevant cases

The truth is, allegations of unsafe working conditions and other issues that might lead to employee injury and illness can be expensive. Even if you don’t have to pay up in the end, legal battles can drain your business accounts quickly. Having workers compensation brokers find a coverage plan for you can help you avoid these issues so you can focus on developing your business further.